Here’s the second and final instalment of musings from the Grant’s conference in New York, distilled from Gareth Brown’s 27 pages of notes.

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After a fascinating morning session, outlined in Grant’s conference notes—Pt 1, 50-year market veteran Joe Rosenberg kicked off his lunchtime chat with a pearl of investing wisdom, a lesson all investors must internalise if they hope to succeed:

‘You can have good news or you can have cheap stocks. You can’t have both at the same time.’

It’s a lesson lost on Ford and General Motors, who in recent years have been progressively...

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